Mr. Richard Carty reports

UNITED CORPORATIONS LIMITED ANNOUNCES FINAL RESULTS OF ITS SUBSTANTIAL ISSUER BID

Upon the terms and subject to the conditions of its substantial issuer bid, United Corporations Ltd. has taken up and paid for 454,545 common shares that were validly deposited and not withdrawn to the offer at a price of $110.00 per share.

The shares purchased under the offer represent an aggregate purchase price of approximately $50-million, and 3.77 per cent of the total number of the company's issued and outstanding shares before giving effect to the offer. After giving effect to the offer, the company has 11,602,048 shares issued and outstanding.

An aggregate of 477,287 shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the offer was oversubscribed, holders of shares who made auction tenders at or below the purchase price and purchase price tenders had approximately 95.1 per cent of their successfully tendered shares purchased by the company (other than odd lot tenders, which are not subject to proration).

Payment and settlement of the shares purchased pursuant to the offer will be effected by Computershare Investor Services Inc. (the depositary) in accordance with the settlement procedures described in the offer documents. Any shares not purchased, including shares not purchased as a result of proration or shares that were not validly tendered, will be returned to the tendering shareholder promptly by the depositary.

For Canadian federal income tax purposes, a deemed dividend arises on the repurchase of shares under the offer. To assist holders of shares in determining the Canadian income tax consequences of the offer, the company has determined that for purposes of the Income Tax Act (Canada), the paid-up capital per share is estimated to be approximately $43.86 at the time of repurchase under the offer. Shareholders should review the issuer bid circular dated Aug. 16, 2022, for more information, including information about the tax treatment of deemed dividends (refer to Section 13 -- Income Tax Considerations - Certain Canadian Federal Income Tax Considerations). The company designates the entire amount of the deemed dividend arising from its repurchase of shares under the offer as an eligible dividend for purposes of the Tax Act.

The specified amount for purposes of Subsection 191(4) of the Tax Act in respect of each share is $92.00.

Details of the offer are described in the offer to purchase and issuer bid circular dated Aug. 16, 2022, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR.

About United Corporations Ltd.

The company is a closed-end investment corporation that trades on the exchange. The company has always been an investment vehicle for long-term growth through investments in common equities, as management believes that over long periods of time common equities, as an asset class, will outperform fixed income instruments or balanced funds. The equity investments in the portfolio reflect investment opportunities worldwide.

We seek Safe Harbor.